BUSINESS LAW EXAMS (LATEST 2026/2027) | COMPLETE ACTUAL
EXAM | QUESTIONS & 100% VERIFIED CORRECT ANSWERS |
OBJECTIVE ASSESSMENT | PRE ASSESSMENT INCLUDED |
GUARANTEED A+ | BRAND NEW UPDATE!
binding authority - ANSWER any source of law that a court must follow when
deciding a case
liability - ANSWER state of being legally responsible for something like a
debt or obligation
breaches - ANSWER failure to perform a legal obligation
primary source of law - ANSWER document that establishes law on a
particular issue
- 4 types
4 types of primary law sources - ANSWER 1. constitution
2. statute
3. administrative rule
4. court decision
constitution (primary law source) - ANSWER U.S. and those of the various
states
- U.S. however is supreme
, statutes - ANSWER laws passed by congress and state legislatures
administrative rules - ANSWER regulations created by administrative
agencies
case law - ANSWER rules of law announced in court decisions
-interprets statutes, regulations, constitutional provisions & other case law
The Law serves to - ANSWER 1) keep the peace
2) maintain the status quo
3) preserve individual rights
4) protect minorities against majorities
5) promote social justice
6) provide for orderly social change
3 Branches of government - ANSWER Legislative, Executive, Judicial
The Bill of Rights - ANSWER The first ten amendments to the Constitution
Sources of Law - ANSWER statutory law, regulatory law, common law
Statutory Law - ANSWER the term used to define written laws, that
criminalize certain actions and spell out penalties for violation
, Common Law - ANSWER Judge-made law that originated in England from
decisions shaped according to prevailing custom. Decisions were applied to similar
situations and gradually became common to the nation.
stare decisis - ANSWER let the decision stand
precedent - ANSWER may shift or change over time
Roe v. Wade (1973) - ANSWER Abortion rights fall within the privacy
implied in the 14th amendment
Brown v. Board of Education - ANSWER 1954 - The Supreme Court
overruled Plessy v. Ferguson, declared that racially segregated facilities are
inherently unequal and ordered all public schools desegregated.
Administrative Law - ANSWER a branch of law that governs the creation and
operation of administrative agencies
Administrative Agencies - ANSWER created to protect a public interest rather
than to vindicate private rights (OSHA, EPA, FTC)
Rules and regulations - ANSWER Laws made by administrative agencies
Enabling Legislation - ANSWER How Congress creates a federal agency
, FTC - ANSWER Federal Trade Commission. Protects consumers from
misleading and fraudulent advertising. Reviews advertising claims. Can order a
company to change their ad
What kind of law is made when an appellate court endorses a rule to be used in
deciding court cases? - ANSWER Common Law
Which kind of law is based on the interpretation of an existing law? - ANSWER
Common Law
Which kind of law is enacted by state or federal legislatures? - ANSWER
Statutory Law
Which type of law is used when the Federal Communications Commission
publishes a regulation on cigarette advertising on television? - ANSWER
Administrative Law
The FDA prohibits Drug A from being marketed in the US. What is this an
example of? - ANSWER Agency Regulation
Statutory Law is to legislative bodies as common law is to - ANSWER courts
If in 1900, the Minnesota Supreme Court ruled that a minor can void a contract at
any time during minority, and, in 2014, the courts in Minnesota still follow this
ruling, what is this an example of? - ANSWER precedent
EXAM | QUESTIONS & 100% VERIFIED CORRECT ANSWERS |
OBJECTIVE ASSESSMENT | PRE ASSESSMENT INCLUDED |
GUARANTEED A+ | BRAND NEW UPDATE!
binding authority - ANSWER any source of law that a court must follow when
deciding a case
liability - ANSWER state of being legally responsible for something like a
debt or obligation
breaches - ANSWER failure to perform a legal obligation
primary source of law - ANSWER document that establishes law on a
particular issue
- 4 types
4 types of primary law sources - ANSWER 1. constitution
2. statute
3. administrative rule
4. court decision
constitution (primary law source) - ANSWER U.S. and those of the various
states
- U.S. however is supreme
, statutes - ANSWER laws passed by congress and state legislatures
administrative rules - ANSWER regulations created by administrative
agencies
case law - ANSWER rules of law announced in court decisions
-interprets statutes, regulations, constitutional provisions & other case law
The Law serves to - ANSWER 1) keep the peace
2) maintain the status quo
3) preserve individual rights
4) protect minorities against majorities
5) promote social justice
6) provide for orderly social change
3 Branches of government - ANSWER Legislative, Executive, Judicial
The Bill of Rights - ANSWER The first ten amendments to the Constitution
Sources of Law - ANSWER statutory law, regulatory law, common law
Statutory Law - ANSWER the term used to define written laws, that
criminalize certain actions and spell out penalties for violation
, Common Law - ANSWER Judge-made law that originated in England from
decisions shaped according to prevailing custom. Decisions were applied to similar
situations and gradually became common to the nation.
stare decisis - ANSWER let the decision stand
precedent - ANSWER may shift or change over time
Roe v. Wade (1973) - ANSWER Abortion rights fall within the privacy
implied in the 14th amendment
Brown v. Board of Education - ANSWER 1954 - The Supreme Court
overruled Plessy v. Ferguson, declared that racially segregated facilities are
inherently unequal and ordered all public schools desegregated.
Administrative Law - ANSWER a branch of law that governs the creation and
operation of administrative agencies
Administrative Agencies - ANSWER created to protect a public interest rather
than to vindicate private rights (OSHA, EPA, FTC)
Rules and regulations - ANSWER Laws made by administrative agencies
Enabling Legislation - ANSWER How Congress creates a federal agency
, FTC - ANSWER Federal Trade Commission. Protects consumers from
misleading and fraudulent advertising. Reviews advertising claims. Can order a
company to change their ad
What kind of law is made when an appellate court endorses a rule to be used in
deciding court cases? - ANSWER Common Law
Which kind of law is based on the interpretation of an existing law? - ANSWER
Common Law
Which kind of law is enacted by state or federal legislatures? - ANSWER
Statutory Law
Which type of law is used when the Federal Communications Commission
publishes a regulation on cigarette advertising on television? - ANSWER
Administrative Law
The FDA prohibits Drug A from being marketed in the US. What is this an
example of? - ANSWER Agency Regulation
Statutory Law is to legislative bodies as common law is to - ANSWER courts
If in 1900, the Minnesota Supreme Court ruled that a minor can void a contract at
any time during minority, and, in 2014, the courts in Minnesota still follow this
ruling, what is this an example of? - ANSWER precedent
